Sign up
Log in Sign up
This is a legacy page. Please click here to view the latest version.
Wed 3 Jan 2018, 09:00 GMT

Mixed news keeps oil in tight range


By A/S Global Risk Management.

Oil prices remained in a tight trading range on mixed news. The huge Forties pipeline as well as a Libyan pipeline have both restarted, but the geopolitical risk premium in Iran has increased heavily.

Along with the current unrest in Iran, the U.S. president has refused to certify the international accord on the nuclear deal. The president also continues to spur fears of an escalation of the ongoing nuclear dispute between the U.S. and North Korea.

The Forties Pipeline transports around 450,000 barrels per day of North Sea Brent oil and was closed due to a leak in mid-December. Now the force majeure has been lifted and is "fully operational", according to the operator.

Tonight the weekly oil stocks data from the American Petroleum Institute (API) is published; consensus is draw in crude oil stocks, builds in gasoline and distillates stocks. Tomorrow, the more-closely-followed report from the EIA is published.

Turning to economic data, today will see the U.S. central bank meeting minutes as well as ISM Manufacturing PMI from the U.S. published. Chinese Caixin Services PMI is released overnight. .

Grande Egitto vessel. Grimaldi adds fourteenth ammonia-ready car carrier to fleet  

Grande Egitto, built by China Merchants Heavy Industries Jiangsu, will operate on the Asia–East Africa trade route.
ABS awards AiP to HD HHI and HD KSOE for ammonia bunkering vessel design. ABS grants design approval for ammonia bunkering vessel from HD HHI and HD KSOE  

Approval in principle covers a 22,000-cbm multi-purpose vessel intended to supply ammonia as marine fuel.
Trenching vessel render. Jan De Nul exercises option for alternative-fuel-capable trenching vessel  

Belgian marine contractor confirms option for a second subsea trenching vessel built on Ulstein's customised design platform.
ABS issues NTQ approval to MODEC and Eld Energy. ABS grants technology qualification approval for FPSO fuel cell system  

MODEC and Eld Energy’s solid oxide fuel cell system moves towards offshore trials after clearing initial ABS review stages.
IMO CCC 12th Session. IMO sub-committee finalises revised methanol fuel safety guidelines  

CCC 12 completes revision of interim methanol fuel guidelines while advancing work on carbon capture and low-flashpoint fuel rules.
Volare Shipping logo. Trafigura spins off VLCC fleet into new listed shipping company  

Volare Shipping established, with eight ammonia-ready vessels on order.
Ship-to-ship ammonia bunkering operation. Japan completes world's first ship-to-ship ammonia bunkering to ammonia-fuelled vessel  

Ammonia fuel transferred between ships at Ariake Shipyard ahead of gas carrier’s sea trials.
Lilac Cove vessel. Jiangnan delivers second LPG dual-fuel VLAC in series to Singapore’s EPS  

Lilac Cove, the world’s largest liquid ammonia carrier, joins Ivy Cove as Jiangnan advances its six-ship VLAC programme.
MSC Clelia X naming ceremony. MSC LNG dual-fuel container ship delivered almost a year early  

Chinese shipbuilder hands over sixth 10,300-TEU vessel in series to MSC ahead of contract schedule.
Icebreaking research vessel render. Steel cutting marks start of construction on dual-fuel icebreaking research vessel  

Hanwha Ocean begins building a dual-fuel LNG/MGO icebreaker for the Republic of Korea’s Ministry of Oceans and Fisheries, due for delivery in 2030.

↑  Back to Top


 Recommended